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Abraaj plans to realign investments

Abraaj Capital plans to sell up to four of its investments in the next 18 months

Gulf News

Abraaj Capital plans to sell up to four of its investments in the next 18 months, a senior executive said yesterday. Abraaj has been trying to offload its stake in Turkish hospital group Acibadem in a deal that could be worth at least $500 million (Dh1.83 billion). Matteo Stefanel, senior partner, said other exits were likely. "We are also looking at one to three exits in the next 18 months," Stefanel told Reuters on the sidelines of a conference, without elaborating on details. Private equity funds in the Middle East and North Africa (Mena), under pressure to produce bigger returns for investors, have buyers, including sovereign wealth funds, looming larger on their deal radar. Stefanel said Abraaj was looking at investing in health care, education and energy.


SAP has announced the appointment of Qais Gharaibeh to the role of managing director for the UAE. In this role, Gharaibeh will lead SAP's growth strategy and field operations in the country, and will report to Sam Al Kharrat, managing director, SAP Middle East and North Africa. Gharaibeh is an IT veteran with more than 15 years of experience in the Middle East's technology sector.


Hightex Group, a systems engineering company which designs, fabricates and installs large area, cable supported, lightweight membrane roofs and facades worldwide, said yesterday it has been awarded a significant contract for the Prince Sultan Cultural Centre in Riyadh. Hightex will design, fabricate and install the main membrane tent roof system including the complete cable net and steel structure at the centre as part of a contract that is valued significantly in excess of €5 million (Dh25.47 million).

Kuveyt Turk

Kuveyt Turk Katilim Bankasi, the Turkish Islamic lender part-owned by Kuwait Finance House, may have to offer a yield of more than 6 per cent to attract buyers to its planned Islamic bond, according to Mashreq Capital DIFC. The bank, which is rated the lowest investment grade at Fitch Rating, may need to offer a premium compared with similarly rated non-Sharia-compliant bonds of Akbank because Islamic banks are still a "peripheral industry in Turkey," said Mashreq Capital's CEO.


Daelim Industrial announced that it has received an order from Saudi Electricity to build a power plant. The contract, which Daelim clinched along with a local partner, is worth about 1.4 trillion won (Dh4.45 billion), the Seoul-based company said yesterday in a regulatory filing.


Almarai, Saudi Arabia's largest food producer by market value, may set up its first Islamic bond programme by early 2012 as it seeks financing for expansion. The riyal-denominated sukuk would be available only to the local market and would help finance an "ambitious capital expenditure development plan and working capital needs", chief financial officer Paul-Louis Gay said in an e-mailed response to questions yesterday. The size of the programme is "not clearly defined yet," he said. The Riyadh-based company plans to set up the programme by the end of this year or early next year.

Sukuk sales in the six-nation Gulf Cooperation Council have declined to $3.73 billion so far this year from $3.97 billion a year earlier. Saudi Aramco Total Refining and Petrochemical, a venture between Saudi Arabian Oil and Total, sold 3.75 billion riyals (Dh3.67 billion) of Islamic bonds earlier this month. Almarai will seek shareholders' approval for the bond programme at a meeting on November 11, it said in a statement to the Saudi bourse yesterday.

— Compiled from staff reports and agencies